China's alleged totalitarian feature Social Credit is fake news. On the contrary, China is enacting private data protection laws. To bypass such law, DIDI, China's Uber planned to launch an IPO in the US after SEC's lightning approval within 2 weeks. China put a stop to the IPO.
If the US stock market can be endorsed by big Chinese companies, it's very good for the US economy and US$ supremacy. However, SEC now requires absolute transparency from Chinese companies and in particular all the audit trails. China is saying NO.
"So, what is an audit trail? Why should China be as tough on audit papers as it is on Chinese territory and not allow the slightest infringement? I'll sum it up in one sentence: An audit brief is the paper form of a company's existence. It includes all user data,
all meeting minutes, all communication documents, all issue summaries, all procedural forms. Even emails from the past are not exempt, which contain all confidential information to and from government departments. Because the Chinese companies that can go public in the U.S. are
the best in their industries; and because the companies that go public in the U.S. occupy all walks of life in China - so, once the U.S. side, through the SEC, got all the audit primers of the Chinese stocks, it's equivalent to stripping China naked and exposing it to the US".
Turns out it's the US who wants to practice mass surveillance and closely monitor every individual in China...
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